The chief executive of the drinks giant Diageo is considered heir apparent at Unilever, but he could be in for a long wait

Paul Walsh, chief executive of drinks company Diageo, has been tipped as a leading candidate to take the chairman’s role at Unilever, the consumer goods giant.

City sources said Walsh, a non-executive director on Unilever’s board, was now viewed as the internal contender to take over from Michael Treschow, 68. At Unilever’s recent annual meeting, Walsh was made leader of two key board committees — remuneration and appointments.

Treschow — nicknamed “Mike the Knife” for his cost-cutting exploits at Electrolux, the electronics group — is unlikely to leave soon, however.

He was appointed chairman four years ago and is likely to stay for at least two more years, senior sources said. Last year he was paid €638,000 (£549,000). He is also chairman of Ericsson, the telecoms group.

Unilever’s shares are listed in London, New York and Amsterdam and it has a stock market value of £26 billion, making it No19 in the FTSE